Choosing an exchange for buying and selling cryptocurrencies can be a hard nut to crack, especially when you are stuck between two. If you are not able to decide which exchange to choose from Binance and Bitfinex, then you should definitely read this article. It can be a hard choice to make because both the exchanges are marvellous and provide pretty decent services. However, there are minor differences between the two like Binance don’t support fiat currency and Bitfinex is not available for US customers. Eventually, you would have to compromise some things over others while choosing one of them. In this article, we are going to provide you with a comparison between Binance vs Bitfinex and help you select the best fit for you.
Binance vs Bitfinex: Reputation and Security
Although Both Binance and Bitfinex are regulars in the top 10 cryptocurrency exchanges, when it comes to reputation, Bitfinex is on the lower side while Binance seems to be pretty good. Binance has a large community in comparison to Bitfinex as well as more support in the industry. Given that we are implying to the doubts in the industry for Bitfinex’s unethical connection with Tether. Moreover, many users also complain about Bitfinex holding their funds through the minimum withdrawal limit.
Both the exchanges have been hacked in the past, which makes it challenging to decide which exchange to trust precisely. However, Binance’s hack was relatively low then Bitfinex, as well as the exchange, also managed to refund all victims of the hack through their SAFU fund.
This was about the reputation both the exchanges have in the industry, now let’s talk about its security protocols. All the funds in Bitfinex exchange are stored in cold wallets except 0.5% assets which are stored online. Moreover, the funds kept in cold wallets require the permission of its various employees to be accessed. Bitfinex also allows its customers to freeze their account whenever they doubt of any suspicious activity instantly.
Binance has proved its dedication to the users recently by acting fast during the Binance hack. The team managed to stop the hack before it could cause huge loss and froze the account immediately. Moreover, it paid the hack victims with the total amount using its (SAFU) secure asset fund for users.
Supported Fiat and Cryptocurrencies
Binance supports more than 350 cryptocurrencies, while Bitfinex supports around 100 cryptocurrencies. If you are looking for an exchange that supports a large number of cryptocurrencies, then the answer is clear. However, you must remember that Binance is limited to crypto-to-crypto trades and does not support any fiat currency. The platform has four base currencies BTC, ETH, USDT and BNB through which you can trade in any of the coins on the exchange.
Bitfinex, on the other hand, supports a few fiat currencies too that includes USD, EUR, GBP and JPY. Although, deposits and withdrawal of the funds are limited to 10,000 for USD/EUR?GBP and 1,000,0000 for JPY.
Payment Methods and Countries Supported
As long as the payment methods are concerned, you can deposit funds in Bitfinex through wire transfers and cryptocurrencies while Binance only supports cryptocurrency deposits.
Binance is serving globally and does not require much in the name of verification. All you need is an email ID to get started with trading on the platfrom.
Bitfinex is also serving all around the world except it recently stopped the services for the US. So, if you are a resident of the US, you might have to consider using another crypto exchange.
User Interface Comparison
If seen with a beginner’s eyes, both the platforms have a somewhat complicated interface. However, if you have a little experience in trading, you would find the interface of Binance straightforward than that of Bitfinex. Binance provides you to access the interface in basic and advance modes, so it is pretty good.
Bitfinex’s interface is made seasonal and experienced traders in mind which is why it is hard to understand for newbies.
Binance Or Bitfinex, Which Is Better In Terms Of Fee Structure?
If you compare the fee structure of both the exchanges, there’s not much difference. While Binance charges 0.1% on trading, Bitfinex’s trading fees depends on if you are maker or taker. For makers, the trading fee is up to 0.1%, and for takers, it varies between 0.055% to 0.2%.
Binance also allows its customers to avail 25% discount on the use of Binance coin for trading. Moreover, the exchange charge no fee on Deposits and the withdrawal fee is also less. Bitfinex also doesn’t charge on deposits but if you deposit a small amount you might have to pay a bit.
If you are depositing fiat currency in Bitfinex, you have to a fee of 0.1% for bank wire transaction. The Withdrawal fee of cryptocurrencies varies from coin to coin. One more thing that’s worth mentioning here is that you cannot hold funds into the Bitifinex account because they charge a fee for inactive funds too.
In our opinion, Binance is has a more straightforward fee structure and low charges.
We hope you have decided which crypto exchange is better Binance or Bitfinex. However, if you happen not to like any of them, you can also look out for other top exchanges like Coinbase, Kraken, Bitmex and many more. Check out the reviews of top cryptocurrency exchanges to find the exchange that best fit your needs. Once, you select your exchange and purchase cryptocurrencies, make sure you withdraw your funds into a private wallet. It’s not secure to keep your funds into cryptocurrency exchange because of the security issues and hackers. Private wallets let you have complete control of your assets and save it from hackers and phishing attacks. Check out hardware and software crypto wallets like Ledger Nano S, Atomic Wallet, Metamask to keep your crypto assets secure.
Articles You May Read